Jones Corporation Has Issued Common Stock Only Instructions
Compute the Following:
(A) Accounts Receivable Turnover and the Been

question 26

Essay

Jones Corporation has issued common stock only. The company has been successful and has a gross profit rate of 20%. The information shown below was taken from the company's financial statements. $\begin{array}{lr}\text { Beginning inventory } & 482,000 \\\text { Purchases } & 4,346,000 \\\text { Ending inventory } & ? \\\text { Average accounts receivable } & 700,000 \\\text { Average common stockholders' equity } & 3,100,000 \\\text { Sales revenue (all on credit) } & 5,600,000 \\\text { Net income } & 341,000\end{array}$ Instructions
Compute the following:
(a) Accounts receivable turnover and the average number of days required to collect the accounts receivable.
(b) The inventory turnover and the average days in inventory.
(c) Return on common stockholders' equity.

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Definitions:

Procedural Due Process

The requirement that a government must use fair procedures before depriving a person of his or her life, liberty, or property.

Substantive Due Process

The requirement that laws depriving an individual of life, liberty, or property be fair and not arbitrary.

Double Jeopardy

A legal principle that prohibits an individual from being tried twice for the same crime on the same set of facts.

Search Warrant

A legal document authorized by a court that permits law enforcement to conduct a search of a specific location and seize evidence related to a crime.